Anaheim, California -- August 3, 2016 -- A business exists to make a profit. But is that the only reason for it to exist? Many organizations around the world have adopted a so-called Triple Bottom Line (TBL) approach to how they conduct business.
The TBL framework looks at three areas: social, environmental and financial. This allows a business to evaluate performance in a broader perspective.
The Coalition for a Triple Bottom Line in Collision Repair will host a panel discussion on what the 21st century holds for the industry, and the vital role collision repair will play in it, at the upcoming NACE 2016. The event will take place on Thursday, August 11, from 8:30-10 a.m. in room 208B of the Anaheim Convention Center in Anaheim, Calif.
The panel will be composed of representatives of shop management and leadership, insurance carriers, OEMs, industry experts and scholars, all of whom have unique and far-reaching perspectives on the challenges facing the collision repair industry.
Topics will include how tensions between dominant industry stakeholders drive the industry to be less than it could be; the increasing number of total economic loss write-offs and what can be done about them; the significant role the collision repair industry can play in the emerging “circular economy”; how the millennial generation is changing the marketplace, and what the collision repair industry can do to play a role in this evolving landscape.
The panel discussions will delve into the realities faced by the industry in the 21st century, which include the ever-increasing rate of change and the challenges this creates. Automobile manufacturers and insurance carriers are under pressure to change the very nature of their business models. Manufacturers are faced with increasing costs of materials, the need to find renewable feedstocks and the need to achieve sustainability. Insurance carriers are challenged to manage big data effectively, meet evolving consumer behavior and mitigate the risks posed by a constantly changing world. Working across stakeholder lines on the system of automobile use and end-of-life management may be the keys to effectively facing these challenges.
“The collision repair industry has an opportunity and responsibility to become a leader in the emerging circular economy,” said Farzam Afshar of Verifacts Automotive. “Safely repairing vehicles extends their life, saves money, creates jobs, conserves resources and reduces environmental damage. To make this happen, the industry needs an organization that can work across stakeholder lines, from repairer to automobile manufacturers and their suppliers, to insurance carriers, regulators and academicians. This is what the Coalition for a Triple Bottom Line in Collision Repair envisions: an organization that will advance the interests of the collision repair industry within the circular economy of the automobile in serving the consumer.”
For more information on NACE 2016, please visit naceexpo.com.